July 09, 2012
--- The Retirement Advisor Council released a template
request for proposal (RFP) questionnaire for use by 401(k) and 403(b) plan
sponsors looking to select an adviser. ---
The template, which includes 65
questions on five pages, covers all elements of service typically available from
professional retirement plan advisers, including investment services,
participant services, provider services, fiduciary support and compliance
support.
“The adviser RFP questionnaire will
assist plan sponsors in complying with recent legislative regulations centered
on fee/service benchmarking; it also provides a turnkey solution saving time
and resources for the plan sponsor,” said Gregg Andonian, a council member and a
principal with Baystate Fiduciary Advisors Inc. “The fact that the
questionnaire stems from the experience and business models of a highly
successful and nationally recognized group of advisers enables a sponsor to
avoid the guesswork about what should be asked or measured in the benchmarking
of an investment/fiduciary adviser.”
The council also developed an
adviser search protocol for plan sponsors that is posted on its
website. The protocol outlines a suggested process for plan sponsors
seeking a retirement plan adviser, or to perform due diligence on a current one.
The free template is available here.
Jay Polansky